The Netherlands-based motor industry trade association BOVAG is looking to offload part of its majority stake in auto fintech company Bovemij to raise funds for new projects and services.

BOVAG will remain the majority shareholding in Bovemij even after selling part of its 88% stake in the latter, according to a news release.

Depositary receipt holders, mostly former members of Bovag, hold the remaining 12% shares in Bovemij (formerly Bovag Insurance MaatschappIJ), which was founded in 1963.

Founded in 1930, BOVAG has 8,000 members in mobility retail and operates auto site — which became a stand-alone company last year — auto auction site and virtual-garage service

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